of the Republic of Uzbekistan
to the United Kingdom of Great Britain
and Northern Ireland

Currency Rates (UZS)   11.12.2019
  CB Buy Sell
GBP 2897.79 2898.00 2941.00
EUR 2456.73 2457.00 2493.00
USD 1832.19 1845.00 1851.00
JPY 224.34 225.00 228.37

Weather (Tashkent) 11.12.2019

, -18 °C
, -18°C
Precipitation: %

High -18°C
Low -18°C

High -18°C
Low -18°C

Outcomes of Uzbekistan's economic development 9 months of 2016

Session of the Cabinet of Ministers to discuss the results of socio-economic development for 9 months of 2016 and impact of implementation of the major directions and priorities of economic program took place on 13 October 2016. Interim President of the Republic of Uzbekistan, the Prime Minister of Uzbekistan Shavkat Mirziyoyev led the session.
The session discussed thoroughly and analyzed critically the main macroeconomic indicators of the country's development, effectiveness of measures taken for implementation of the priority tasks to deepen reform, structural reforms and modernization of the economy and its sectors, as well as for unconditional provision of commissioning of the most important launch sites scheduled for the current year, accelerating implementation of investment projects for deep processing of local raw material resources, formation of a modern infrastructure, an increase of exports of domestic products.
It was noted that as a result of deliberate and systematic implementation of strategy on reforming, modernization and development of the country, developed under the leadership of the First President of the Republic Islam Karimov and based on his five famous principles of reforming, Uzbekistan is maintaining macroeconomic balance and high economic growth in spite of the slowing growth of the global economy and unfavorable situation on the world markets.
For 9 months of this year, gross domestic product grew by 7.8 percent, industry - by 7.2 percent, volume of construction works - by 15 percent, retail trade - by 14.2 percent, services - 12.4 percent. The state budget was executed with a surplus of 0.1 percent of GDP. The inflation rate did not exceed the forecast parameters.
Program measures to accelerate the development, modernization and diversification of the agricultural sector are being actively implemented. Thanks to hard work and skills of farmers, there was a rich harvest of agricultural products despite difficult weather conditions; an increase in agricultural production volumes made up 6.4 percent.
Implementation of the policy of steady increase in income levels and quality of life continued. Compared to the beginning of the year the average monthly salary increased by 12.6 percent, and from October 1 this year, the wages of public sector employees, pensions, scholarships and allowances increased by 15 percent. More than 12 thousand individual comfortable accommodation units matching modern standard designs were put into operation in the new rural tracts. 
Within the framework of the State program "Year of a healthy mother and child" implementation of measures continues to improve the protection of family, motherhood and childhood system, to bring up healthy and harmoniously developed generation, to further strengthen material and technical health system framework, which received over 6.8 trillion soums and 150 million USD to be financed.
Heads of state and economic management bodies, local executive authorities focused attention on a task defined by the first President of the Republic of Uzbekistan Islam Karimov in his greetings in connection with the 25th anniversary of the state independence: "... Achieved results are only part of high frontiers set before us ... Today's rapidly changing environment ... requires from us, first of all from the leaders, to abandon completely old attitudes and methods of work, to think anew, to raise the organization of work and management system to modern level ...".
Based on these requirements the heads of complexes of the Cabinet of Ministers, ministries, departments, economic associations and khokimiyats of all levels were set specific tasks to mobilize existing resources and reserves for unconditional implementation of all events planned for 2016, forecast and target parameters, medium-term programs of development of economy branches and territories of the republic, as well as to create a strong groundwork for continued high dynamic pace of economic development in 2017 and beyond.
Participants of the session focused on issues of further enhancing the stability of the banking system and banks' investment activities, including the expansion of lending to investment projects on development and modernization of production and service industries, small business and private entrepreneurship.
At the meeting, attention was paid to the detailed analysis of the impact of work on the implementation of state-owned assets, the sale of the share of state and economic management bodies in the statutory funds of joint stock companies and enterprises to the private property, especially to foreign investors.
It was emphasized that for unconditional fulfillment of strategic objectives for the country's economic development and key target parameters set by the first President Islam Karimov it is necessary to review radically and critically the management, while the strategic priorities require to strengthen the work on deepening the reform of further diversification and modernization of the economy, removal of all barriers in the way of development of private property, small business and private entrepreneurship.
The attention of the session was drawn to the need to ensure unconditional implementation of additional measures to accelerate the development of entrepreneurship, strengthening legal mechanisms for protection and guarantees of the inviolability of private property, qualitative improvement of the business climate, in particular, the Decree of the President of the Republic of Uzbekistan adopted on October 5 this year. Specific problems and personal responsibility of the heads of ministries and agencies, especially law enforcement agencies, khokimiyats at all level for a radical reduction of interference in the activities of business entities were identified.
Effectiveness of measures taken to ensure commissioning of key launch facilities in 2016, timely implementation of investment projects within the approved medium-term programs for deep processing of local raw materials and materials, expansion of production of finished chemical, leather and footwear, pharmaceuticals production, construction industry, and food products were analyzed deeply and thoroughly during the discussion of issues on the agenda.
Implementation of active investment policy on deepening structural reforms and modernization of industries, formation of developed industrial and social infrastructure ensured the growth of assimilated investments volume by 9.4 percent, including foreign investments - by 11.2 percent.
It was noted that 100 large industrial facilities have been put into operation since the beginning of the year under the Investment Program for 2016. Personal responsibility of the heads of ministries, departments, economic associations, large enterprises was determined for unconditional provision of commissioning 64 major manufacturing facilities scheduled before the end of this year, as well as acceleration of contracts conclusion for the purchase of necessary raw materials for 2017 production programs, primarily within X International Industrial Fair and Cooperation Exchange.
Heads of several ministries, departments and law enforcement authorities paid attention to the need to accelerate implementation of projects provided for by programs of engineering and communication, road transport and social infrastructure development.
Deputies of Prime Minister of the Republic of Uzbekistan, heads of ministries, departments, economic associations, the Council of Ministers of the Republic of Karakalpakstan, hokimiyats of regions and Tashkent city were requested to finalize and submit for approval 14 draft medium-term programs for development of infrastructure and addressing critical social issues aimed at improving level and quality of life of the population. They include the program of improvement of water and electricity supply, transport service, repair and reconstruction of local roads, network of sanitary clearing of settlements, upgrading childcare institutions and markets, construction of affordable housing for low-income and young families, increase in security and availability of medicines for the population, improvement of health care for women, children and pensioners.
Attention at the session was also paid to the careful analysis of the impact of work to further enhance the export potential of industries and territories of the country, develop additional measures to expand the geography of exports, increase the volume and range of exported products and ensure achievement of exports and services targets on this basis.
Ministry of Foreign Economic Relations, Investments and Trade, "Uzbekozikovkatholding" holding company, "Uzagroeksport" Joint-Stock Company, the Council of Ministers of the Republic of Karakalpakstan, hokimiyats of regions and districts need to work out and implement a set of measures to enhance the export potential of 66 districts specializing in the cultivation of fruits and vegetables, having provided specific measures to develop necessary infrastructure for harvesting, storage, processing, packaging and transportation of products, which in turn will provide not only an increase in exports, but also increase in farmers and population’s income.
At the session of the Cabinet of Ministers reports were presented by Deputies of Prime Minister of the Republic of Uzbekistan, heads of "Uztransgaz" joint-stock company, "Uzbekenergo" Joint Stock Company, "Uzbekkumir", ministries of health and public education, the Council of Ministers of the Republic of Karakalpakstan, hokimiyats of the regions and Tashkent city on completion of work for preparation of economic sectors, housing, social facilities and production infrastructure for the autumn-winter period and uninterrupted supply of fuel and energy resources.
The Council of Ministers of the Republic of Karakalpakstan, hokimiyats of regions and Tashkent city, "Uzbekozikovkatzahira" association were instructed to speed up the completion of storage of main types of fruit and vegetables and potatoes in the required quantities, as well as provide their systemic exhibiting for sale to the population in the winter-spring period, taking into account demand and price situation without unreasonable growth of domestic prices.
Reports of the heads of complexes of the Cabinet of Ministers, ministries, departments, economic associations, large enterprises and regional administrations of the republic were presented according to the agenda issues. Following a discussion of the issues included in the republic government meeting the relevant resolutions have been approved, which define concrete measures on unconditional implementation of major directions and priorities of the program of socio-economic development of the country in 2016.
⇐ Back to section

Home | Contact us | Site Map | Search

41 Holland Park, London, W11 3RP United Kingdom
Tel: +44 (0) 2072297679 | Fax: +44 (0) 2072297029 | Email: info@uzbekembassy.org
Consular section | Tel: 08714681100 | Email: consul@uzbekembassy.org
© 2008 - 2016 All Rights Reserved.